1. Field of the Invention
The invention relates generally to NACHA compliant ACH transfers, and more specifically to making such transfers using an automated voice response system with speech recognition capabilities.
2. Description of the Related Art
Automated clearing house (ACH) transfers offers a way for consumers and businesses to transfer funds between banks and accounts in a low cost and efficient manner. ACH transfers can be used by consumers and business to make payments for many types of transactions including, paying utilities, paying credit cards, and making loan payments. ACH transfers are also used by consumers to receive direct deposit of paychecks and tax refunds among other payments. Businesses use ACH transfers extensively to pay other businesses, or to charge consumers. ACH transfers are done electronically through an electronic clearing house. One clearing house is the Federal Reserve Bank.
The manner in which ACH transfers are made is governed by the National Automated Clearing House Association (NACHA) rules and regulations. These rules ensure that senders and receivers of payments can interoperate with each other. The rules also ensure reliability and that the risk on the part of the sender and receiver is managed properly.
Consumers and businesses are able to make ACH transfers through the mail using special forms, for example, by setting up a direct deposit account. They are also able to make ACH transfers using online systems with banks and other payment processors such as PayPal. Another option for making ACH transfers is using an online web interface or other client interface to submit the transfer for processing. Yet another option is making ACH transfers over the phone with a customer care representative who can obtain the appropriate information from the caller and submit it for subsequent processing.
Although online ACH transfers are convenient and cost effective for the service provider, not everybody is comfortable using a computer or has one accessible with the proper capabilities when wanting to make an ACH transfer. However, telephones and mobile phones are ubiquitous, and therefore we have determined that what is needed is an efficient and cost effective way for consumers and businesses to make ACH transfers over the phone without having to use a customer care representative.